A decision by the Eight Circuit Bankruptcy Appellate Court may have ramifications for debtors from Orlando and throughout the country. The Court recently upheld a decision that Chapter 7 and Chapter 13 debtors could protect their annuities from creditors, even if those annuities resulted from rollovers from other IRAs and had more liberal distribution policies.
Casey Anthony's attorneys filed two motions in October 2013 asking a federal judge to dismiss two defamation claims against her, so she could obtain a Chapter 7 bankruptcy discharge. She had filed for bankruptcy protection in January 2013, but if the judge does not throw out the claims, she will not be able to obtain a fresh start.
Florida residents who file for bankruptcy should be sure to do some research and planning before filing, especially if they are doing so during or after a divorce. It is not uncommon for married couples to have both names on the titles of homes or automobiles that they own, and this can complicate the filing process. While filing for Chapter 7 bankruptcy can eliminate most or all of someone's debt, if people are not careful, they could end up being liable for debt discharged during the bankruptcy.
Depending on the card holder agreement, Florida residents may find their credit limits drastically reduced or their line of credit cancelled after a default on a different credit card account. No matter what the circumstances of the late payments, the credit card company may have the right to cancel a credit account -- even if that account is in good standing -- if the customer fails to pay on other accounts.
Some Floridians who filed personal bankruptcy may seek a loan modification from their lenders with no success. In certain cases a lender won't modify a mortgage loan, but homeowners still need to get caught up on their mortgage arrearage. It may seem like a lose-lose situation. However, that doesn't mean residents may not have a way to save their homes from foreclosure.
A restaurant in Dolphin Mall filed for bankruptcy, although the restaurant continues to operate. Taverna Opa sought the debt relief protections of the Chapter 11 bankruptcy option. The restaurant is owned by Opa Restaurant Group, which has several restaurants throughout Florida.
A Miami developer has been unsuccessful in his attempts to stop foreclosure proceedings on two condominium developments through Chapter 7 filings. While a Chapter 7 bankruptcy usually stops any legal proceedings against the owner of property, in this case the judge granted a motion to allow the creditors to pursue foreclosure against the developer.
Florida residents who follow business news may be interested to learn that a prominent boutique investment bank has filed for bankruptcy. Ledgemont Capital Group LLC filed documents May 3 asking the court to liquidate the company's assets, estimated at between $10 million and $50 million. Although the company is based in New York, the bankruptcy was filed in the United States Bankruptcy Court in Delaware.
A construction company located in a state north of Florida decided to file for Chapter 7 bankruptcy. The company stated that it had an estimated $1.2 million dollars in liabilities, reporting only $240,000 in assets so far for the year 2013. The company, John E. Bassett Inc., had debts that included those owed to trade creditors and employees. The debt also included a loan given to the company from BB&T, secured by a blanket lien. A blanket lien enables the seizure of nearly all of a company's assets and possibly the debtor's personal assets as well in the case of nonpayment. The loan was in the amount of $153,000.